Investment 17/7/2023

The US inflation data eased, leading the HSI to open 184 points higher at 19,534, which was already a day high points, still rose 13 points, and continued to hover at a low level, and finally closed at 19,413, up 63 points, rising for 5 consecutive days. The HS Tech index index closed down 8 points at 4,228. Market turnover was HK $91.2 billion . 

For a week, the HSI rose by 1,048 points; the HS Tech Index rose by 327 points. 

Even though there is no lack of good news from the mainland and the outside world, Hong Kong stocks rose by only 63 points on Friday. Although the HSI regained above the 250-DMA (19,372), which is the boundary between bulls and bears, Hong Kong stocks have not yet shaken off the weakness. According to the technical trend, the 50-DMA (19,278) fell below the 250-DMA, forming a "death cross" negative technical indicator. In the short term, there may be pressure to take back the rising gap (18,932 to 19,163) last Thursday with strong support. The initial upward resistance is expected to be at the 100-DMA (19,675). If it can break through, last month's high of 20,155 points will be an important short-term resistance. If it breaks, it can test 21,000 points. It will be difficult to revisit the January high of 22,700. 

The Hong Kong stock market’s performance in recent days is related to the rebound of the RMB, and the rise of the RMB is mainly driven by the fall of the US dollar. However, in the long run, the weakness of the RMB is expected to remain unchanged, depending on the recovery of the mainland economy. Just last week when the Hong Kong stock market improved slightly, the government announced the issuance of at least HK$50 billion  of huge high-interest silver bonds, which will divert funds from the stock market, which means that the downward pressure on the market outlook still cannot be underestimated. 

European stock markets developed individually. British and German stocks fell 0.08% and 0.22% respectively, while French stocks edged up 0.06%. 

Major Wall Street banks such as JPMorgan Chase, Wells Fargo, and UnitedHealth recently released better-than-expected results for health insurance stocks, injecting new impetus into the market. U.S. stocks developed individually on Friday. , with a high of 34,592. Large-scale technology stocks first rose and then retreated, dragging down the Dow's gains; the S&P once rose 0.39%, while the Nasdaq, which is dominated by technology stocks, rose by as much as 0.66%. The S&P and the Nasdaq turned lower. 

The US stock market closed: the Dow rose 113 points to 34,509; the S&P fell 4 points to 4,505; the Nasdaq fell 24 points to 14,113. 

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